Buying a car in 6 steps

Buying a car in 6 steps

Buying a car requires research. That’s why we’re here to help you figure out the important things, ensuring that you get the right set of wheels at the right price.


Set a realistic budget

Find out how much you can afford. In addition to the purchase price, which will determine your monthly payments, make sure to consider other expenses such as insurance coverage, fuel (insurance and fuel typically cost about 7% of your income), regular maintenance, repairs and part replacements, taxes*, and registration and transfer fees.

Once you have a budget, check our loan payment and affordability calculators to see where you stand.

Choose a car type that suits your needs and taste
Man driving a convertible car, holding his cap.

Why are you buying it? How will you use it? What features and options will make your life more comfortable? Consider factors such as children and family size, changing weather conditions, commute and gas mileage, or daily life to determine your needs. These answers will help you decide whether an SUV, crossover, sedan, or convertible is best for you.

Do your research and test-drives

Once you figure out the type of vehicle you need, you can start researching the makes and models that best suit your needs. We recommend listening to fellow consumers and industry experts for ratings, reviews, reliability, safety, and pricing information. Also, visit manufacturers’ websites to learn about the different features and upgrades available. Most importantly, test drive all your options.

Get the best price on the car

Find out what your preferred models are selling for. Websites like TrueCar give you the market value and show what others have paid for your vehicle. TrueCar also provides you with a list of dealerships with the best prices available. Their Guaranteed Savings Certificate locks in the price you were given upfront.

We can help with the financing
A woman driving a car.

When it comes to picking your loan term, think of it as a matter of affordability: the longer the repayment term of your loan, the lower your monthly payment will be. However, keep in mind that longer repayment terms also have higher interest rates. Here at OAS FCU, we offer repayment terms between 3 and 7 years for most cars and up to 9 years for pricier models.

If you can’t afford a down payment, we offer up to 110% financing so that you can cover vehicle registration costs. You can apply online or contact our Lending Department to discuss your options.

Get an insurance quote

Now that the deal is closed, you need to find a policy to cover your new purchase. We’ve teamed up with Worldwide Coverage Network to provide a range of insurance products with flexible coverage and value for your money. For insurance quotes, service inquiries, and assistance, you can contact Boris Fernandez at 202-817-8273 or send an email here.

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